Crypto: Double win for Ripple - agreement with the SEC and validation of XRP by the ECG!

The Ripple-SEC legal battle sees a dual twist: an agreement to seal key details of upcoming sessions, and a report from the ECGI asserting XRP’s utility crypto status. These developments could influence the outcome of the lawsuit and the future of Ripple.

Ripple and the SEC Seal a Crucial Agreement

The legal saga that pits Ripple against the SEC since 2020 is entering a new phase. Both parties have submitted a joint request to Judge Analisa Torres to seal filings regarding upcoming remedies sessions.

If approved, this request would conceal essential details of the briefs from the XRP community and the entire crypto world, such as Ripple’s financial statements and institutional sales of XRP after the complaint was filed.

The consequences of keeping the public in the dark about this information on market sentiment remain uncertain. Despite the case moving into its deliberation phase on remedies, the conclusion and timeline of this lengthy trial are still unclear. Several key dates are looming, including March 22, when the SEC is expected to file its opening brief on remedies under seal, along with declarations and supporting exhibits.

Other important deadlines will follow, including Ripple’s submission of its opposition brief on April 22, and the SEC’s reply brief expected on May 6. The timeline extends to May 20, when the parties and third parties must file letter motions and oppositions relating to the sealing of details in the filed documents.

At the current pace, the trial appears set to last several more months, with a final judgment from Judge Torres not likely to occur before the end of this year or early next year.

The Crypto XRP Struggles Despite Recognition of Its Non-Security Status

Despite the news of the sealing agreement, the price of XRP did not experience a significant recovery, remaining mired below the $0.60 mark. The crypto promoted by Ripple has seen a notable decline lately, losing key price thresholds previously considered solid supports. At the time of writing this article, XRP is trading at $0.59.

However, a recent development could have a positive influence on the token’s future. A research paper from the European Corporate Governance Institute (ECGI) has affirmed the status of XRP as a utility token and not as a security, in line with the decision of a US federal court in July 2023.

This endorsement lends credibility to claims that XRP is a global bridge currency within Ripple Payments, enabling fast and cost-effective cross-border transactions. This could pave the way for massive adoption of XRP by banks and other financial institutions.

Despite this encouraging recognition, XRP struggles to bounce back, experiencing a decrease of 5.6% in the last 24 hours, amid a broader crypto market retreat.

As all eyes now turn to the upcoming key dates of the trial, particularly March 22 when the SEC will provide crucial opening briefs on proposed remedies, uncertainty continues to weigh on XRP’s performance. Investors and the XRP community eagerly await to see how these developments will influence the future of Ripple and its flagship crypto.